Form 40-17G Bain Capital Specialty

National Union Fire Insurance Company of Pittsburgh, Pa. A capital stock company POLICY NUMBER: 02-306-40-77 REPLACEMENT OF POLICY NUMBER: 01-880-25-22 INVESTMENT COMPANY BLANKET BOND NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA. (A Stock Insurance Company, Herein Called the Underwriter) Bond No. 01-880-25-22 DECLARATIONS Item 1. Name of Insured (herein called Insured): BAIN CAPITAL SPECIALTY FINANCE, INC. 200 CLARENDON ST BOSTON, MASSACHUSETTS 02116-5021 Item 2. Bond Period: from 12:01a.m. October 5, 2017 to 12:01a.m. April 14, 2019 the effective date of the termination or cancellation of this bond, standard time at the Principal Address as to each of said dates. Limit of Liability--Subject to Sections 9, 10 and 12 hereof, Item 3. Amount applicable to Limit of Deductible Liabilit Insuring Agreement (A)-FIDELITY Insuring Agreement (B)-AUDIT EXPENSE Insuring Agreement (C)-ON PREMISES Insuring Agreement (D)-IN TRANSIT Insuring Agreement (E)-FORGERY OR ALTERATION Insuring Agreement (F)-SECURITIES Insuring Agreement (G)-COUNTERFEIT CURRENCY Insuring Agreement (H)-STOP PAYMENT Insuring Agreement (I)-UNCOLLECTIBLE ITEMS OF DEPOSIT Optional Insuring Agreements and Coverages: Insuring Agreement (J)-COMPUTER SYSTEMS FRAUD $1,000,000 $50,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $50,000 $50,000 Nil $5,000 $25,000 $25,000 $25,000 $25,000 $25,000 $5,000 $5,000 $1,000,000 $50,000 $1,000,000 $1,000,000 $25,000 $5,000 $25,000 $25,000 Insuring Agreement (K)-UNAUTHORIZED SIGNATURES Insuring Agreement (L)-TELEFACSIMILE TRANSFER Fraud Insuring Agreement (M) -Voice Initiated Transfer 41205 (04/95) © All rights reserved.

If "Not Covered" is inserted above opposite any specified Insuring Agreement or Coverage, such Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to be deleted therefrom. Item 4. Offices or Premises Covered--Offices acquired or established subsequent to the effective date of this bond are covered according to the terms of General Agreement A. All the Insured's offices or premises in existence at the time this bond becomes effective are covered under this bond except the offices or premises located as follows: No Exceptions Item 5. The liability of the Underwriter is subject to the terms of the following riders attached hereto: #1, #2, #3, #4, #5, #6, #7, #8, #9, #10, #11 Item 6. The Insured by the acceptance of this bond gives to the Underwriter terminating or cancelling prior bond(s) or policy(ies) No.(s) such termination or cancellation to be effective as of the time this bond becomes effective. PREMIUM: $5,332 2 ©All rights reserved. 41205 (04/95)

IN WITNESS WHEREOF, the Insurer has caused this Policy to be signed by its President, Secretary and Authorized Representative. This Policy shall not be valid unless signed below at the time of issuance by an authorized representative of the insurer. PRESIDENT National Union Fire Insurance Company of Pittsburgh, Pa. SECRETARY National Union Fire Insurance Company of Pittsburgh, Pa. AUT ENTATIVE COUNTERSIGNED AT DATE COUNTERSIGNATURE WILLIS OF NEW YORK. INC 200 LIBERTY STREET 7TH FL NEW YORK, NY 10281 -1003 1616004 3 ©All rights reserved. 41205 {04/95)

Loss resulting from any dishonest or to be a loss sustained by the Insured through Embezzlement committed by an Employee, Larceny or Embezzlement of one or more of alone or in collusion with others, including paragraph shall be in addition to the Limit of an Employee, which Property is held by the Item 3 of the Declarations. Loss of Property (occurring with or without (a) to cause the Insured to sustain such from the possession, custody or control of (b) to obtain financialbenefit for the conversion, redemption or deposit privileges organization intended by the Employee while the Property is (or is supposed or salaries, commissions, fees, bonuses, deposited within any officesor premises pensions or other employee benefits Item 4 of the Declarations or amendment employment. hire other than an armored motor vehicle requiredby any governmentalregulatory fixtures, stationery, supplies or authority or by an independent accountant by offices covered under this bond caused the Insuredthrough any dishonest or robbery or holdup of such office, or Embezzlement of any of the Employees. The malicious mischief; or National Union Fire Insurance Company of Pittsburgh, Pa. ® A capital stock company INVESTMENT COMPANY BLANKET BOND The Underwriter, in consideration of an agreed premium, and subject to the Declarations made a part hereof, the General Agreements, Conditions and Limitations and other terms of this bond, agrees with the Insured, in accordance with the Insuring Agreements hereof to which an amount of insurance is applicable as set forth in Item 3 of the Declarations and with respect to loss sustained by the Insured at any time but discovered during the Bond Period, to indemnify and hold harmless the Insured for: INSURING AGREEMENTS (A) FIDELITY 3 of the Declarations; it being understood, however, that such expense shall be deemed fraudulent act(s), including Larceny or any dishonest or fraudulent act(s), including committed anywhere and whether committed the Employees and the liability under this loss of Property resulting from such acts of liability stated in Insuring Agreement (A) in Insured for any purpose or in any capacity and whether so held gratuitously or not and (C) ON PREMISES whether or not the Insured is liable therefor. Dishonest or fraudulent act(s) as used in this negligence or violence) through robbery, Insuring Agreement shall mean only dishonest burglary, Larceny, theft, holdup, or other or fraudulent act(s) committed by such fraudulent means, misplacement, mysterious Employee with the manifest intent: unexplainable disappearance, damage thereto or destruction thereof, abstraction or removal loss; and the Insured,and loss of subscription, Employee, or for any other person or through the misplacement or loss of Property, to receive such benefit, other than believed by the Insured to be) lodged or promotions, awards, profit sharing, located anywhere, except in an office listed in earnedin the normal course of thereof or in the mail or with a carrier for (B) AUDIT EXPENSE company, for the purpose of transportation. Expense incurred by the Insured for that part Offices and Equipment of the costs of audits or examinations (1) Loss of or damage to, furnishings, authority to be conducted either by such equipment, within any of the Insured's reason of the discovery of loss sustained by by Larceny or theft in, or by burglary, fraudulent act(s), including Larceny or attempt thereat, or by vandalism or total liability of the Underwriter for such expense by reason of such acts of any (2) loss through damage to any such Employee or in which such Employee is office by Larceny or theft in, or by concerned or implicated or with respect to burglary, robbery or holdup of such any one audit or examination is limited to the office or attempt thereat, or to the amount stated opposite Audit Expense in Item interior of any such office by 41206 (9/84) €> All rights reserved.

Any check or draft (a) made payable to a through fire. or with one acting as an agent of such maker negligence or violence)through robbery, and made or drawn payable to the one so mysterious unexplainable disappearance, than the one impersonated, shall be deemed loss of subscription, conversion, redemption (F) SECURITIES messenger, except while in the mail or with a Insured had been a member thereof, (1) through the losured's having, in good or in any bills of exchange, checks, drafts, whether for its own account or for the promissory notes, or other written promises, representative, fiduciary, agency or any money, due bills, money orders, warrants, otherwise, purchased or otherwise written instructions, advices or applications or delivered, or given any value, acknowledging the transfer, payment, delivery liability, on the faith of, or otherwise instructions or advices or applications purport or otherwritten instrumentswhich customerof the Insured, shareholder or (2) through the Insured's having, in good receipts or certificates of deposit far Property vandalismor maliciousmischief issuer, or of another Investment Company for provided, in any event, that the Insuredwhich the Insured acts as agent, excluding, is the ownerof such offices, however, any loss covered under Insuring furnishings, fixtures, stationery, Agreement(F)hereof whetheror not supplies or equipment or is legally coveragefor Insuring Agreement(F)is liable for such loss or damage, always provided for in the Declarations of this bond. excepting, however, all loss or damage fictitious payee and endorsed in the name of (D) IN TRANSIT such fictitious payee or (b) procured in a Loss of Property (occurring with or without transaction with the maker or drawer thereof Larceny, theft, holdup, misplacement, or drawer or anyone impersonating another being lost or otherwise made away with, impersonated and endorsed by anyone other damage thereto or destruction thereof, and to be forged as to such endorsement. or deposit privileges through the Mechanically reproduced facsimile signatures misplacement or loss of Property, while the are treated the same as handwritten Property is in transit anywhere in the custody signatures. of any person or persons acting as carrier for hire, other than an armored motor Loss sustained by the Insured, including loss vehicle company, for the purpose of sustained by reason of a violation of the transportation, such transit to begin constitution, by-laws, rules or regulations of immediately upon receipt of such Property by any Self Regulatory Organization of which the the transporting person or persons, and to Insured is a member or which would have end immediately upon delivery thereof at been imposed upon the Insured by the destination. constitution, by-laws, rules or regulations of (E) FORGERY OR ALTERATION any Self Regulatory Organization if the Loss through FORGERY or ALTERATION of, on acceptances, certificates of deposit. faith and in the course of business, orders or directions to pay sums certain in account of others, in any orders upon public treasuries, letters of credit, other capacity, either gratuitously or directed to the Insured, authorizing or acquired, accepted or received, or sold or receipt of funds or Property, which extended any credit or assumed any to have been signed or endorsed by any acted upon, any securities, documents subscriber to shares, whether certificated or prove to have been uncertificated, of any Investment Company or (a) counterfeited, or by any financial or banking institution or (b) forged as to the signature of any stockbroker but which instructions, advices or maker, drawer, issuer, endorser, applications either bear the forged signature assignor, lessee, transfer agent or or endorsement or have been altered without registrar, acceptor, surety or the knowledge and consent of such customer, guarantor or as to the signature of shareholder or subscriber to shares, whether any person signing in any other certificated or uncertificated, of an Investment capacity, or Company, financial or banking institution or (c) raised or otherwise altered, or lost, stockbroker, withdrawal orders or receipts for or stolen, or the withdrawalof fundsor Property, or and bearing the name of the Insured as faith and in the course of business, 41206 (9/ 84) 2 e> All rights reserved.

For having refused to pay any check or to pass title to such securities, shareholder or subscriber of the Insured instruments; EXCLUDING,losses customer, shareholder or subscriber. on or in those instruments covered loss resulting fromany Item of Deposit such agreements with any necessary House which is reversed by the customer, Loss includes dividends and interest accrued document or other written instrument which are deposited. taken for an original. Funds with "exchange privileges" if all Fund(s) signatures are treated the same as National Union Fire Insurance Company of transactions between Fund(s), the minimum good faith, of any counterfeited money orders before withdrawal as declared in the Fund(s) United States of America or Canada issued or deposit was first credited to any Insured Statesof Americaor Canadaor issued guaranteed in writing or witnessed any For having either complied with or failed signatures whetherfor valuableto comply with any written notice of any consideration or not and whether or customer, shareholder or subscriber of the not such guaranteeing or witnessing is Insured or any Authorized Representative ultra viresthe Insured, upon any of suchcustomer, shareholder or transfers, assignments, bills of sale,subscriber to stop payment of any check powersof attorney, guarantees,or draft made or drawn by such customer, endorsements or other obligations shareholder or subscriber or any uponor in connectionwith any AuthorizedRepresentativeof such securities, documents or other written customer, shareholder or subscriber, or instruments and which pass or purport documentsor otherwritten draft made or drawn by any customer, caused by FORGERY or ALTERATION of,or any Authorized Representative of such under Insuring Agreement (E) hereof.(I) UNCOLLECTIBLE ITEMS OF DEPOSIT Securities, documents or other written Loss resulting from payments of dividends or instruments shall be deemed to meanfund shares, or withdrawals permitted from original (including original any customer's, shareholder's or subscriber's counterparts) negotiable or account based upon Uncollectible Items of non-negotiable agreements which in Deposit of a customer, shareholder or and of themselves represent an subscriber credited by the Insured or the equitable interest, ownership, or debt, Insured's agent to such customer's, including an assignment thereof which shareholder's or subscriber's Mutual Fund instruments are in the ordinary course Account; or of business, transferable by delivery of endorsement or assignment.processed through an Automated Clearing The word "counte-rfeited" as used in shareholderor subscriberand deemed this Insuring Agreementshallbe uncollectible by the Insured. deemedto meanany security, which is intended to deceive and to be not to exceed 15% of the Uncollectible Items MechanicallyproducedfacsimileThis Insuring Agreement applies to all Mutual handwritten signatures.in the exchange program are insured by a (G) COUNTERFEIT CURRENCY Pittsburgh, PA for Uncollectible Items of Loss through the receipt by the Insured, in Deposit. Regardless of the number of or altered paper currencies or coin of the number of days of deposit within the Fund(s) purporting to have been issued by the United prospectus shall begin from the date a pursuant to a United States of America or Fund(s). Canadian statute for use as currency. (H) STOP PAYMENT Loss against any and all sums which the Insured shall become obligated to pay by reason of the Liability imposed upon the Insured by law for damages: 41206 (9/ 84) 3 4> All rights reserved.

(1) an Employee admits to being guilty of The Insured shall promptly give notice to the the remainder of such premium period. If the amount of the Insured's liability or Deductible Amount is applicable, or both, the or otherwise, shallbe deemedto be a Agreement is limited to the proportion of court costs and attorneys' fees incurred and the best of the knowledge and belief of the the amount recoverable under this bond bears The Underwriter will indemnify the Insured defense, whether or not successful, whether are covered under Insuring Agreement (A) whether or not settled of any suit or legal employ. Shouldloss involvinga former enforce the Insured'sliability or alleged subsequent to the termination of employment, damage which, if establishedagainstthe Agreement (A) if the direct proximate cause the Insured covered under the terms of this Employee performed duties within the scope Insuring Agreement (A) this indemnity shall GENERAL AGREEMENTS A. ADDITIONAL OFFICES OR EMPLOYEES­ apply only in the event that CONSOLIDATION OR MERGER-NOTICE 1. If the Insured shall, while this bond is any dishonestor fraudulentact(s), in force, establish any additional office including Larceny or Embezzlement; or or offices, such office or offices shall(2) an Employee is adjudicated to be guilty be automatically coveredhereunderof any dishonest or fraudulent act(s), from the dates of their establishment, including Larceny or Embezzlement; respectively.No notice to the (3) in the absence of (1) or (2) above an Underwriter of an increase during any arbitration panel agrees, after a review premiumperiodin the numberof of an agreed statement of facts, that offices or in the number of Employeesan Employee would be found guilty of at any of the offices covereddishonesty if suchEmployeewere hereunder need be givenand no prosecuted. additional premium need be paid for Underwriterof any suchsuit or legal 2. If an Investment Company, named as proceeding and at the request of the Insured herein, shall, while this bond is Underwriter shall furnish it with copies of all in force, merge or consolidate with, or pleadings and other papers therein. At the purchasethe assets of another Underwriter's election the Insured shall permit institution, coverage for such the Underwriter to conduct the defense of acquisition shall apply automatically such suit or legal proceeding, in the Insured's fromthe date of acquisition. The name, through attorneys of the Underwriter's Insured shall notify the Underwriter of selection. In such event, the Insured shall give such acquisition within 60 days of said all reasonable information and assistance date, and an additional premium shall which the Underwriter shall deem necessary be computed only if such acquisition to the pro per defense of such suit or legal involves additional offices or proceeding. employees. B. WARRANTY alleged liability is greater than the amount No statement made by or on behalf of the recoverable under this bond, or if a Insured, whether contained in the application liability of the Underwriter under this General warranty of anything except that it is true to person making the statement. paid by the Insured or by the Underwriter that C. COURT COSTS AND ATTORNEYS' FEES to the total of such amount plus the amount (Applicable to all Insuring Agreements or which is not so recoverable. Such indemnity Coverages now or hereafter forming part shall be in addition to the Limit of Liability for of this bond) the applicable Insuring Agreement or Coverage. against court costs and reasonable attorneys' D. FORMER EMPLOYEE fees incurred and paid by the Insured in Acts of an Employee, as defined in this bond, or not fully litigated on the merits and only while the Employee is in the Insured's proceeding brought against the Insured to Employee of the Insured be discovered liability on account of any loss, claim or coverage would still apply under Insuring Insured, would constitute a loss sustained by of the loss occurred while the former bond provided, however, that with respect to of his/her employment. 41206 (9/ 84) 4 (>All rights reserved.

The following terms, as used in this bond, who acts as transfer agent or in this Section: issuing checks, drafts or securities (1) any of the Insured's officers, (8) those persons so designatedin (2) any of the officers or employees of Securities, and whose principal assets are acquired a) an investment advisor, merger with, or purchase of assets c) a transfer agent or shareholder predecessor. and d) an administrator authorized by perform legal services for the financial and/or other required attorneys while such attorneys or furnishing temporary personnel on personnelor processors as set and Section1(a) and their partners, corporation authorized by written collectively be deemed to be one perform services as electronic data bond, ·excepting, however, the last THE FOREGOING INSURING AGREEMENTS AND GENERAL AGREEMENTS ARE SUBJECT TO THE FOLLOWING CONDITIONS AND LIMITATIONS: SECTION 1. DEFINITIONS accounting records of the Insured, but excluding any such processor shall have the respective meanings stated in any otheragencycapacityin (a) "Employee" means:for the Insured, unlessincluded under Sub-section (9) hereof, and partners, or employees, and Section15, CentralHandlingof any predecessorof the Insured(9) any officer, partner or Employee of by the Insured by consolidation or b) an underwriter (distributor), or capital stock of such accounting record-keeper, or (3) attorneys retained by the Insured to written agreementto keep Insured and the employees of such records, the employees of such attorneys for an Investment Company named are performing such services for as Insured while performing acts the Insured, and coming within the scope of the (4) guest students pursuing their usual duties of an officer or studies or duties in any of the Employee of any Investment Insured's offices, and Company named as Insured herein, (5) directors or trustees of the Insured,or while acting as a member of any the investment advisor, underwriter committee duly elected or (distributor), transfer agent, or appointed to examine or audit or shareholderaccounting record have custody of or access to the keeper, or administrator authorized Property of any such Investment by written agreement to keep Company, provided that only financial and/or other required Employees or partners of a transfer records, but only while performing agent, shareholder accounting acts coming within the scope of record-keeper or administrator the usual duties of an officer or which is an affiliated person as employeeor while acting as a defined in the Investment Company memberof any committee duly Act of 1940, of an lnvestm ent elected or appointed to examine or Company named as Insured or is audit or have custody of or access an affiliated person of the adviser, to the Property of the Insured, and underwriter or administrator of (6) any individual or individuals such Investment Company, and assignedto perform the usual which is not a bank, shall be duties of an employee within the included within the definition of premisesof the Insured, by Employee. contract,or by any agency Each em player of tern porary a contingent or part-time basis, forth in Sub-Sections (6) and of (7) each natural person, partnership or officers and employees shall agreement with the Insured to person for all the purposes of this processorof checks or other paragraph of Section 13. 41206 (9/84) 5 (>All rights reserved.

(e) "Items of Deposit" means any one or character shall not be considered Deposit shallnot be deemed SECTION 2. EXCLUSIONS U.S. Savings Starn ps, bullion, precious (a) loss effected directly or indirectly by watches, necklaces, bracelets, gems, in any instrument, except when bonds, securities, evidences of debts, (F) or (G). receipts, warrants, rights, puts, calls, partial non-payment of, or default name of anotherwith intent to nature of, or amounting to, a loan of one's own name with or without or ary of its partners, directors or purpose. Brokers, or other agents under contract the Investment Company Act of 1940. or representatives of the same general Employees. more checks and drafts. Items of (b) "Property" means money (i.e .. currency,uncollectibleuntil the Insured's coin,bank notes, FederalReservecollection procedures have failed. notes), postage and revenue stamps, metals of all kinds and in any form and THIS BOND DOES NOT COVER: articles made therefrom, jewelry, precious and semi-precious stones, means of forgery or alteration of, on or debentures, scrip, certificates, interim covered by Insuring Agreement (A), (E), straddles, spreads, transfers, coupons, (b) loss due to riot or civil commotion drafts, bills of exchange, acceptances, outside the United States of America notes, checks, withdrawal orders, and Canada; or loss due to military, money orders, warehouse receipts, naval or usurped power, war or billsof lading, conditional sales insurrection unless such loss occurs in contracts, abstracts of title, insurance transit in the circumstances recited in policies, deeds, mortgages under real Insuring Agreement (D), and unless, estateand/or chattels and upon when such transit was initiated, there interests therein, and assignments of was no knowledge of such riot, civil such policies, mortgages and commotion, military, naval or usurped instruments, and other valuable papers, power, war or insurrection on the part including books of account and other of any person acting for the Insured in records used by the Insured in the initiating such transit. conduct of its business, and all other (c) loss, in time of peace or war, directly instruments similar to or in the nature or indirectly caused by or resulting of the foregoing including Electronic from the effects of nuclear fission or Representations of such instruments fusion or radioactivity; provided, enumerated above (but excluding all however, that this paragraph shall not data processing records) in which the apply to loss resulting from industrial Insured has an interest or in which the uses of nuclear energy. Insured acquired or should have (d) loss resulting from any wrongful act or acquired an interest by reason of a acts of any person who is a member predecessor's declared financial of the Board of Directors of the condition at the time of the Insured's Insured or a member of any equivalent consolidation or merger with, or body by whatsoever name known purchase of the principal assets of, unless such person is also an such predecessor or which are held by Employee or an elected official, partial the Insured for any purpose or in any owner or partner of the Insured in capacity and whether so held by the some other capacity, nor, in any event, Insured for any purpose or in any loss resulting from the act or acts of capacity and whether so held any person while acting in the capacity gratuitously or not and whether or not of a member of such Board or the Insured is liable therefor. equivalent body. (c) "Forgery" means the signing of the (e) loss resulting from the complete or deceive; it does not include the signing upon, any loan or transaction in the authority, in any capacity, for any made by or obtained from the Insured Employees, whether authorized or (d) "Larcenyand Embezzlement"as it unauthorized and whether procured in applies to any named Insured meansgood faith or through trick, artifice, those acts as set forth in Section 37 of fraud or false pretenses. unless such 41206 (9/ 84) 6 4> All rights reserved.

(f) loss resulting from any violation by the the existence of or am aunt of loss purchase or sale of securities, (b) indemnity is provided for under Security counter Exchangesor over the market, (c) lnvestm ent (g) loss of Property or loss of privileges bank of the Insured or within the office Propertyas set forth in Insuring payment or withdrawal or unless such Property is in the custodyof any Agreement (A). SECTION 3. ASSIGNMENT OF RIGHTS indemnity in force in whatsoever form for. except loss of Property in transit in This bond is for the use and benefit only of and the no knowledge by the Insured of any the Insured named in the Declarations such threat, or (2) to do damage 41206 (9/ 84) Underwriter shall not be liable hereunder for to the premises or 7 (>All rights reserved. loss is covered under Insuring Property of the Insured, except Agreement (A), (E) or (F). when covered under Insuring Agreement (A). Insured or by any Employee (k) all costs, fees and other expenses (1) of law regulating (a) the issuance,incurred by the Insured in establishing securities transactions upon covered under this bond unless such Insuring Agreement (B). Companies,or (d) Investment(I) loss resulting from payments made or Advisors, or withdrawalsfrom the account of a (2) of any rule or regulation madecustomer of the Insured, shareholder pursuant to any such law, unlessor subscriber to shares involving funds such loss, in the absence of sucherroneously credited to such account, laws, rules or regulations, would be unless such payments are made to or covered under Insuring Agreements withdrawn by such depositor or (A) or (E). representative of such person, who is within the premises of the drawee through the misplacement or loss of of the Insured at the time of such Agreement (C) or (D) while the payment is covered under Insuring armored motor vehicle company, unless such loss shall be in excess of (m) any loss resulting from Uncollectible the amount recovered or received by Items of Deposit which are drawn from the Insured under (a) the Insured's a financial institution outside the fifty contract with said armored motor states of the United States of America, vehicle company, (b) insurance carried District of Columbia, and territories and by said armored motor vehicle possessions of the United States of company for the benefit of users of its America, and Canada. service, and (c) all other insurance and carried by or for the benefit of users This bond does not afford coverage in favor of said armored motor vehicle of any Employers of temporary personnel or company's service, and then this bond of processors as set forth in sub-sections (6) shall cover only such excess. and (7) of Section 1(a) of this bond, as (h) potential income, including but not aforesaid, and upon payment to the Insured limited to interest and dividends, not by the Underwriter on account of any loss realized by the Insured because of a through dishonest or fraudulent act(s) loss covered under this bond, except including Larceny or Embezzlement committed as included under Insuring Agreement by any of the partners, officers or employees (I). of such Em players, whether acting alone or in (i) all damages of any type for which the collusion with others, an assignment of such Insured is legally liable, except direct of the Insured's rights and causes of action compensatory damages arising from aas it may have against such Employers by loss covered under this bond. reason of such acts so committed shall, to (j) loss through the surrender of Property the extent of such payment, be given by the away from an office of the Insured as Insured to the Underwriter, and the Insured a result of a threat shall execute all papers necessary to secure (1) to do bodily harm to any person, to the Underwriter the rights herein provided the custody of any person acting SECTION4.LOSS-NOTICE-PROOF-LEGAL as messenger provided that when PROCEEDINGS such transit was initiated there was

In case of any loss or damage to Property proceedings for recovery of any loss records used by the Insured in the conduct of expiration of sixty days after such proof of under this bond only if such books or records expiration of twenty-four months from the than the cost of blank books, blank pages or or proceedingto recover hereunder on actual transcription or copying of data which in any suit mentioned in General Agreement C order to reproduce such books and other suit, shall be begunwithin twenty-four In case of damage to any office of the construction hereof, such limitation shall be furnishings, fixtures, stationery, supplies, the minimum period of limitation permitted by Underwriter shall not be liable for more than SECTION 7. LOST SECURITIES exact amount or details of loss may not be limit stated in Item 3 of the Declarations of loss sustained by anyone other than the accounts or other records used by the Insured unless the Insured, in its sole Insured in the conduct of its business, for the discretion and at its option, shall include such loss of which a claim shall be made loss in the Insured's proof of loss. At the hereunder, shall be determined by the average earliest practicable moment after discovery of market value of such Property on the any loss hereunder the Insured shall give the business day next preceding the discovery of Underwriter written notice thereof and shall such loss; provided, however, that the value also within six months after such discovery of any Property replaced by the Insured prior furnish to the Underwriter affirmative proof of to the payment of claim therefor shall be the loss with full particulars. If claim is made actual market value at the time of under this bond for loss of securities or replacement; and further provided that in case shares, the Underwriter shall not be liable of a loss or misplacement of interim unless each of such securities or shares is certificates, warrants, rights, or other identified in such proof of loss by a certificate securities, the production which is necessary or bond number or, where such securities or to the exercise of subscription, conversion, shares are uncertificated, by such redemption or deposit privileges, the value identification means as agreed to by the thereof shall be the market value of such Underwriter. The Underwriter shall have thirty privileges immediately preceding the days after notice and proof of loss within expiration thereof if said loss or misplacement which to investigate the claim, but where the is not discovered until after their expiration. If loss is clear and undisputed, settlement shall no market price is quoted for such Property be made within forty-eight hours; and this or for such privileges, the value shall be fixed shall apply notwithstanding the loss is made by agreement between the parties or by up wholly or in part of securities of which arbitration. duplicates may be obtained. Legal hereunder shall not be brought prior to the consisting of books of accounts or other loss is filed with the Underwriter nor after the its business, the Underwriter shall be liable discovery of such loss, except that any action are actually reproduced and then for not more account of any judgment against the Insured other materials plus the cost of labor for the or to recover attorneys' fees paid in any such shall have been furnished by the Insured in months from the date upon which the records. judgment in such suit shall become final. If SECTION 6. VALUATION OF PREMISES AND any limitation embodied in this bond is FURNISHINGS prohibited by any law controlling the deemed to be amended so as to be equal to Insured, or loss of or damage to the such law. equipment, safes or vaults therein, the Discovery occurs when the Insuredthe actual cash value thereof, or for more (a) becomes aware· of facts, or than the actual cost of their replacement or (b) receives written notice of an actual or repair. The Underwriter may, at its election, potential claim by a third party which pay such actual cash value or make such alleges that the Insured is liable under replace·ment or repair. If the Underwriter and circumstancethe Insured cannot agree upon such cash which would cause a reasonable person to value or such cost of replacement or repair, assume that a loss covered by the bond has such shall be determined by arbitration. been or will be incurred even though the then known. If the Insured shall sustain a loss of securities SECTION 5. VALUATION OF PROPERTY the total value of which is in excess of the The value of any Property, except books of this bond, the liability of the Underwriter shall 41206 (9/ 84) 8€> All rights reserved.

At all times prior to termination hereof this and to said securities. (a) any one act of burglary, robbery or issuance of such Lost Instrument Bond or Partner or Employee is concerned or knowingly or unknowingly, directly or portion of such loss, and the remainder, if Liability stated in Item 3 of the Declarations the Underwriter and thereafter in of such loss or losses and shall not be be limited to payment for, or duplication of, such loss within the Deductible Amount. The securities having value equal to the lim it Insured shall execute all necessary papers to stated in Item 3 of the Declarations of this secure to the Underwriter the rights provided bond. for herein. If the Underwriter shall make payment to the SECTION 9. NON-REDUCTION AND NON­ Insured for any loss of securities, the Insured ACCUMULATION OF LIABILITY AND TOTAL shall thereupon assign to the Underwriter all LIABILITY of the Insured's rights, title and interests in bond shall continue in force for the limit With respect to securities the value of which stated in the applicable sections of Item 3 of do not exceed the Deductible Amount (at the the Declarations of this bond notwithstanding time of the discovery of the loss) and for any previous loss for which the Underwriter which the Underwriter may at its sole may have paid or be liable to pay hereunder; discretion and option and at the request of PROVIDED, however, that regardless of the the Insured issue a Lost Instrument Bond or number of years this bond shall continue in Bonds to effect replacement thereof, the force and the number of premiums which Insured will pay the usual premium charged shall be payable or paid, the liability of the therefor and will indemnify the Underwriter Underwriter under this bond with respect to against all loss or expense that the all loss resulting from Underwriter may sustain because of the Bonds. holdup, or attempt thereat, in which no With respect to securities the value of which implicated shall be deemed to be one exceeds the Deductible Amount (at the time loss, or of discovery of the loss) and for which the (b) any one unintentional or negligent act Underwriter may issue or arrange for the on the part of any one person issuance of a Lost Instrument Bond or Bonds resulting in damage to or destruction to effect replacement thereof, the Insured or misplacement of Property, shall be agrees that it will pay as premium therefor a deemed to be one loss, or proportion of the usual premium charged (c) all wrongful acts, other than those therefor, said proportion being equal to the specified in (a) above, of any one percentage that the Deductible Amount bears person shall be deemed to be one to the value of the securities upon discovery loss, or of the loss, and that it will indemnify the (d) all wrongful acts, other than those issuer of said Lost Instrument Bond or Bonds specified in (a) above, of one or more against all loss and expense that is not persons (which dishonest act(s) or recoverable from the Underwriter under the act(s) of Larceny or Embezzlement terms and conditions of this INVESTMENT include, but are not limited to, the COMPANY BLANKET BOND subject to the Lim it failure of an Employee to report such of Liability hereunder. acts of others) whose dishonest act or SECTION 8. SALVAGE acts intentionally or unintentionally, In case of recovery, whether made by the indirectly, aid or aids in any way, or Insured or by the Underwriter, on account of permits the continuation of, the any loss in excess of the Limit of Liability dishonest act or acts of any other hereunder plus the Deductible Amount person or persons shall be deemed to applicable to such loss from any source other be one loss with the act or acts of the than suretyship, insurance, reinsurance, persons aided, or security or indemnity taken by or for the (e) any one casualty or event other than benefit of the Underwriter, the net amount of those specified in (a), (b), (c) or (d) such recovery, less the actual costs and preceding, shall be deemed to be one expenses of making same, shall be applied to loss, and reimburse the Insured in full for the excess shall be limited to the applicable Lim it of any, shall be paid first in reimbursement of of this bond irrespective of the total amount reimbursement of the Insured for that part of cumulative in amounts from year to year or 41206 (9/ 84) 9 4> All rights reserved.

Sub-section(c) is not applicableto any SECTION 10. LIMIT OF LIABILITY herein. PROVIDED clause of Section 9 of this bond SECTION 11. OTHER INSURANCE cannot be effective prior to 60 days after such amount of such loss which is in excess Insured immediately upon taking over of such suretyship, not exceeding, however, the Limit State or Federal officials, or immediately upon loss. Federalstatute relative to bankruptcy or The Underwriter shall not be liable under any immediately upon such Insured ceasing to account of loss as specified, respectively, in entity, or by disposition of all of its assets. insurance company and covering such loss, or (a) as to any Employee as soon as any to payment by the Underwriter of such loss, Employee of the Insured, who is not in in Item 3 of the Declarations hereof (herein learn of any dishonest or fraudulent the applicable Limit of Liability stated in Item Employee without prejudice to the loss from period to period. DeductibleAmount, premiums on Lost Instrument Bonds as set forth in Section 7. situationto whichthe languageof There shall be no deductible applicable to any sub-section (d) applies.loss under Insuring Agreement A sustained by any Investment Company named as Insured With respect to any loss set forth in the SECTION 13. TERMINATION which is recoverable or recovered in whole or The Underwriter may terminate this bond as in part under any other bonds or policies an entiretyby furnishingwritten notice issued by the Underwriter to the Insured or to specifying the termination date which cannot any predecessor in interest of the Insured and be prior to 60 days after the receipt of such terminated or cancelled or allowed to expire written. notice by each lnvestm ent Company and in which the period for discovery has not named as Insured and the Securities and expired at the time any such loss thereunder Exchange Commission, Washington, D.C. The is discovered,the total liabilityof the Insuredmay terminatethis bondasan Underwriter under this bond and under other entirety by furnishing written notice to the bonds or policies shall not exceed, in the Underwriter. When the Insured cancels, the aggregate, the amount carried hereunder on Insured shall furnish written notice to the such loss or the amount available to the Securities and ExchangeCommission, Insured under such other bonds or policies, Washington. D.C. prior to 60 days before the as limitedby the termsand conditions effectivedate of the termination.The thereof, for any such loss if the latter amount Underwriter shall notify all other Investment be the larger. Companies named as Insured of the receipt of such termination notice and the termination If the Insured shall hold, as indemnity against receipt of written noticeby all other any loss covered hereunder, any valid and Investment Companies. Premiums are earned enforceableinsuranceor suretyship,the until the termination date as set forth herein. Underwriter shall be liable hereunder only for This Bond will terminateasto any one of the amount of such other insurance or Insured by a receiver or other liquidator or by of Liability of this bond applicable to suchthe filing of a petition under any State or SECTION 12. DEDUCTIBLE reorganization of the Insured, or assignment for the benefit of creditors of the Insured. or of the Insuring Agreements of this bond on exist, whether through merger into another sub-sections (a), (b), (c), (d) and (e) of Section 9, NON-REDUCTION AND NON­ The Underwriter shall refund the unearned ACCUMULATION OF LIABILITY AND TOTAL premium computed at short rates in LIABILITY, unless the amount of such loss, accordance with the standard short rate after deducting the net amount of all cancellation tables if terminated by the reimbursement and/or recovery obtained or Insured or pro rata if terminated for any other made by the Insured, other than from any reason. bond or policy of insurance issued by an This Bond shall terminate by the Underwriter on account thereof prior partner, officer or supervisory shall exceed the Deductible Amount set forth collusion with such Employee, shall called Deductible Amount) and then for suchact(s), including Larcenyor excess only, but in no event for more thanEmbezzlement on the part of such 3 of the Declarations.of any Property then in transit in the The Insured will bear, in addition to the custodyof such Employee(See 41206 (9/ 84) 10 @All rights reserved.

SECTION 15. CENTRAL HANDLING OF Data Processorcovered underthis clerks and other employees of the New York cancellation of this bond as an entirety, Midwest Stock Exchange, Pacific Stock Ex­ the Insured may give to the Underwriter hereinafter called Exchanges, and of the additional period of 12 months within which nominee in whose name is registered any prior to the effective date of such termination central handling of securities established and premium therefor. definition a recognized service company shall insurance obtained by the Insured, its personnel to said Exchanges or Corporation insurance affordedby this bond, withoutthe necessityof the Underwriter Underwriter shall be liable hereunder only for that such additional period of time is but in no event for more than the Limit of Underwriter shall refund any unearned 0 All rights reserved. 41206 (9/ 84) 11 Section 16[d]), or premium. (b) as to any Employee 60 days after The right to purchase such additional period receipt by eact:t Insured and by the for the discovery of loss may not be Securities and Exchange Commission exercised by any State or Federal official or of a written notice from the agency, or by any receiver or liquidator, Underwriter of its desire to terminate acting or appointed to take over the Insured's this bond as to such Employee, or business for the operation or for the (c) as to any person, who is a partner, liquidation thereof or for any other purpose. officer or employee of any Electronic bond, from and after the time that the SECURITIES Insured or any partner or officer Securities included in the systems for the thereof not in collusion with such central handling of securities established and person shall have knowledge or maintained by Depository Trust Company, information that such person has Midwest Depository Trust Company, Pacific committed any dishonest or fraudulent Securities Depository Trust Company, and act(s), including Larceny or Philadelphia Depository Trust Company, Embezzlement in the service of the hereinafter called Corporations, to the extent Insured or otherwise, whether such act of the Insured's interest therein as effective be committed before or after the time by the making of appropriate entries on the this bond is effective. books and records of such Corporations shall SECTION 14. RIGHTS AFTER TERMINATION OR be deemed to be Property. CANCELLATION The words "Employee" and "Employees" shall At any time prior to the termination or be deemed to include the officers, partners, whether by the Insured or the Underwriter, Stock Exchange, Boston Stock Exchange, notice that it desires under this bond an change and Philadelphia Stock Exchange, to discover loss sustained by the Insured above named Corporations, and of any or cancellation and shall pay an additional security included within the systems for the maintained by such Corporations, and any Upon receipt of such notice from the Insured, employee of any recognized service company, the Underwriter shall give its written consent while such officers, partners, clerks and other thereto; provided,however,that such employeesand employeesof service additional period of timeshallterminate companiesperformservicesfor such immediately; Corporations in the operation of such (a) on the effective date of any other systems.For the purposeofthe above successor in business or any other be any company providing clerks or other party, replacing in whole or in part the on a contract basis. whether or not such other insurance The Underwriter shall not be liable on account provides coverage for loss sustained of any loss(es) in connection with the central prior to its effective date, or handling of securities within the systems (b) upon takeoverof the Insured's establishedand maintainedby such business by any Stateor FederalCorporations, unless such loss(es) shall be in official or agency, or by any receiver excessof the amount(s) recoverable or or liquidator, acting or appointed for recovered underany bondor policy of this purposeinsuranceindemnifying such Corporations, againstsuch loss(es), and thenthe giving notice of such termination. In the event the Insured's share of such excess loss(es), terminated, as provided above, the Liability applicable hereunder.

first named Insured for the purposes of of such Corporations or Exchanges or any Upon the Insured's obtaining knowledge of a payment to the Insured by the Underwriter on which results in a change in control (as set assignment of such of the Insured's rights Company Act of 1940) of the Insured, the such Corporations or Exchanges shall to the knowledgegive written notice to the Insured to the Underwriter, and the Insured (a) the namesof the transferors and to the Underwriter the rights provided for beneficial owners if the voting If more than one corporation, co-partnership ownedby the transferors and the included as the Insured herein: both immediately before and after the As used in this section, control means the Underwriter would be liable hereunder if all such loss were sustained by any the management or policies of the Insured. For the purpose of determining the Insured's receive and enforce payment of all share of excess loss (es) it shall be deemed claims hereunder and shall be deemed that the Insured has an interest in any to be the agent of the others for such certificate representing any security included purposes and for the giving or within such systems equivalent to the interest receiving of any notice required or the Insured then has in all certificates permitted to be given by the terms representing the same security included hereof, provided that the Underwriter within such systems and that such shall furnish each named Investment Corporations shall use their best judgment in Company with a copy of the bond and apportioning the amount(s) recoverable or with any amendment thereto, together recovered under any bond or policy of with a copy of each formal filing of the insurance indemnifying such Corporations settlement of each such claim prior to against such loss(es) in connection with the the execution of such settlement, central handling of securities within such (c) the Underwriter shall not be systems among all those having an interest responsible for the proper application as recorded by appropriate entries in the of any payment made hereunder to books and records of such Corporations in said first named Insured, Property involved in such loss(es) on the (d) knowledge possessed or discovery basis that each such interest shall share in made by any partner, officer or the amount(s) so recoverable or recovered in supervisory Employee of any Insured the ratio that the value of each such interest shall for the purposes of Section 4 and bears to the total value of all such interests Section 13 of this bond constitute and that the Insured's share of such excess knowledge or discovery by all the loss(es) shall be the amount of the Insured's Insured, and interest in such Property in excess of the (e) if the first named Insured ceases for amount(s) so apportioned to the Insured by any reason to be covered under this such Corporations. bond, then the Insured next named This bond does not afford coverage in favor shall thereafter be considered as the nominee in whose name is registered any this bond. security included within the systems for the SECTION 17. NOTICE AND CHANGE OF central handling of securities established and CONTROL maintained by such Corporations, and upon account of any loss(es) within the systems, an transfer of its outstanding voting securities and causes of action as it may have against forth in Section 2(a) (9) of the Investment extent of such payment, be given by the Insured shall within thirty (30) days of such shall execute all papers necessary to secure Underwriter setting forth: herein. transferees (or the names of the SECTION 16. ADDITIONAL COMPANIES securities are requested in another INCLUDED AS INSURED name), and (b) the total number of voting securities or person or any combination of them be transferees (or the beneficial owners), (a) the total liability of the Underwriter transfer, and hereunder for loss or losses sustained (c) the total number of outstanding voting by any one or more or all of themsecurities. shall not exceed the limit for which the power to exercise a controlling influence over one of them, (b) the one first named herein shall be Failure to give the required notice shall result deemed authorized to make, adjust and in terminationof coverageof thisbond, 41206 (9/ 84) 12 (>All rights reserved.

Such notice is not required to be given in the Washington, D.C. by the Insured or by the Company. Company is named as the Insured herein, the This bond or any instrument amending or and Exchange Commission, Washington, D.C. modified orally. No changes in or modification date of any change or modification which written endorsement issued to form a part lnvestm ent Company. effective upon the date of stock transfer for affect the rights of the lnvestm ent Company any loss in which any transferee is concernedshall be effective prior to 60 days after or implicated. written notification has been furnished to the Securitiesand ExchangeCommission, case of an Insured which is an InvestmentUnderwriter. If more thanone Investment SECTION 18. CHANGE OR MODIFICATIONUnderwriter shall give written notice to each lnvestm ent Company and to the Securities effecting samemay not be changedor not less than 60 days prior to the effective thereof shall be effective unless made by would adversely affect the rights of such hereof over the signature of the Underwriter's AuthorizedRepresentative.When abondIN WITNESS WHEREOF, the Underwriter has covers only one Investment Companyno caused this bond to be executed on the change or modification which would adverselyDeclarations Page. 41206 (9/ 84) 13 @All rights reserved.

ENDORSEMENT# 1 This endorsement, effective 12:01 AM October 5, 2017 forms a part of 02-306-40-77 policy number BAIN CAP!TAL SPECIALTY FINANCE INC issued to National Union Fire Insurance Company of Pittsburgh, Pa. by AUDIT EXPENSE RIDER Rider No. 1 Insuring Agreement G To be attached to and form part of Bond No. 741-13-13 in favor of ALFS, Inc., Allstate Distributors, LLC, and Allstate Financial Services, LLC It is agreed that: The attached bond is amended by adding an additional Insuring Agreement as follows: AUDIT EXPENSE 1. Expenses incurred by the Insured for that part of the costs of audits or examinations required by any governmental regulatory authority to be conductedeither by such of the discoveryof loss sustained of an Employee. authorities or by independent accountants by reason by the Insured through dishonest or fraudulent act(s) The Limit of Liability for the coverage provided by this Rider by reason of such act(s) of any Employee or in which such E ployee is concerned or implicated or with respect to any one audit or examination shall be $50,000, it being understood that such liability shall be in addition to the Limit of Liability state in Item 4 of the declarationsof the attached bond. The underwriter shall only be liable hereunder for the amount by which such expense shall be in excess of $5, 000 (herein called the Deductible Amount) but not in excess of the Limit of Liability stated above. It is understood that expense covered under this Rider exclude those resulting from an audit or examination required as result of the Insured being taken over by a liquidator or receiver or by state or federal officials. 2. Coverage under this Rider shall terminate upon termination or cancellation of the bond to which this Rider is attached. A ENTATIVE © All rights reserved. END 1 MNSCPT

ENDORSEMENT# 2 This endorsement, effective 12:01 AM October 5, 2017 forms a part of 02-306-40-77 policy number BAIN CAPITAL SPECIALTY FINANCE INC issued to National Union Fire Insurance Company of Pittsburgh, Pa. by STOP PAYMENT LIABILITY RIDER It is agreed that: 1. In consideration of the additional premium included herein, this policy is extended to indemnify the Insured against any and all sums which the Insured shall become obligated to pay by reason of the liability imposed upon the Insured by law for damages: (a) for having either complied with or failed to comply with any written notice of any depositor of the Insured or any authorized Representative of such depositor to stop payment of any cheque or draft made or drawn by such depositor or any authorized representative of such depositor, or (b) for having refused to pay any cheque or draft made or drawn by any depositor of the Insured or any authorized representative of such depositor. Provided always that: (1) the Insured shall bear the first $5,000 for each and every loss. (2) the Underwriter's liability under this rider shall be limited to $50,000 for any one loss and in all during each policy year, subject to a $50,000 annual aggregate. the term "Policy Year" as used in this rider shall mean each period of twelve calendar months commencing the effective date of the attached bond. (3) 2. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, limitations, conditions or agreements of the attached bond other than as above stated. AH ENTATIVE. ©All rights reserved. END2 MNSCPT

ENDORSEMENT# 3 This endorsement, effective 12:01 AM October 5, 2017 forms a part of 02-306-40-77 policy number BAIN CAPITAL SPECIALTY FINANCE INC issued to National Union Fire Insurance Company of Pittsburgh, Pa. by COMPUTER SYSTEMS FRAUD It is agreed that: 1 . The attached bond is amended by adding an additional Insuring Agreement as follows: COMPUTER SYSTEMS Loss resulting directly from a fraudulent ( 1) (2) entry of data into, or change of data elements or programs within a Computer System; provided the fraudulent entry or change causes (a) (b) Property to be transferred, paid or delivered, an account of the Insured, or of its customer, to be added, deleted, debited or credited, or an unauthorized account or a fictitious account to be debited or credited; (c) (3) voice instructions or advices having been transmitted to the Insured or its agent(s) by telephone; and provided further, the fraudulent entry or change is made or caused by an individual acting with the manifest intent to: (a) (b) cause the Insured or its agent(s) to sustain a loss, and obtain financial benefit for that individual or for other persons intended by that individual to receive financial benefit, and further provided such voice instructions or advices: (c) were made by a person who purported to represent an individual authorized to make such voice instructions or advices; and (ii) were electronically recorded by the Insured or its agent(s). (i) (4) It shall be a condition to recovery under the Computer Systems Rider that the Insured or its agent(s) shall to the best of their ability electronically record all voice instructions or advices received over telephone. The Insured or its agent(s) warrant that they shall make their best efforts to maintain the electronic recording system on a continuous basis. Nothing, however, in this Rider shall bar the Insured from recovery where no recording is available because of mechanical failure of the device used in making such recording, or because of failure of the media used to record a conversation from any cause, or error or omission of any Employee(s) or agent(s) of the Insured. END3 MNSCPT

ENDORSEMENT# 3 (Continued) This endorsement, effective 12:01 AM October 5. 2017 forms a part of 02-306-40-77 policy number BAIN CAPITAL SPECIALTY FINANCE INC issued to National Union Fire Insurance Company of Pittsburgh, Pa. by SCHEDULE OF SYSTEMS Insureds Proprietary System 2. As used in this Rider, Computer System means (a) computers with related peripheral components, including storage components, wherever located, (b) systems and applications software, (c) terminal devices, (d) related communication networks or customer communication systems, and (e) related Electronic Funds Transfer Systems, by which data are electronically collected, transmitted, processed, stored, and retrieved, 3. In addition to the exclusions in the attached bond, the following exclusions are applicable to this Insuring Agreement: (a) loss resulting directly or indirectly from the theft of confidential information, material or data; and (b) loss resulting directly or indirectly from entries or changes made authorized to have access to a Computer System who acts in instructions, unless such instructions are given to that individual by an individual good faith on by a software contractor (or by a partner, officer or employee thereof) authorized by the Insured to design, develop, prepare, supply service, write or implement programs for the Insured's Computer System. 4. The following portions of the attached bond are not applicable to this Rider: (a) the initial paragraph of the bond preceding the Insuring Agreements which reads at any time but discovered during the Bond Period," (b) Section 9-NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY (c) Section 1 a-LIMIT OF LIABILITY 5. The coverage afforded by this rider applies only to loss discovered by the Insured during the period this Rider is in force. END3 MNSCPT

ENDORSEMENT# 3 (Continued) This endorsement, effective 12:01 AM October 5, 2017 forms a part of 02-306-40-77 policy number BAIN CAP!TAL SPECIALTY FINANCE INC issued to National Union Fire Insurance Company of Pittsburgh, Pa. by 6. All loss or series of losses involving the fraudulent activity of one individual, or involving fraudulent activity in which one individual is implicated, whether or not that individual is specifically identified, shall be treated as one loss. A series of losses involving unidentified individuals but arising from the same method of operation may be deemed by the Underwriter to involve the same individual and in that event shall be treated as one loss. 7. The Limit of Liability for the coverage provided by this Rider shall be limited to the amount shown in Item 3 of the Declarations page. 8. The Underwriter shall be liable hereunder for the amount by which one loss shall be in excess of the deductible shown in Item 3 of the Declarations page. 9. If any loss is covered under this Insuring Agreementand any other Insuring Agreement or Coverage, the maximum amount payable for such loss shall not exceed the largest amount available under anyone Insuring Agreement or Coverage. 10. Coverage under this Rider shall terminate upon termination or cancellation of the bond to which this Rider is attached. Coverage under this rider may also be terminated or cancelled without cancelling the bond as an entirety: (a) 90 days after receipt by the Insured of written notice from the Underwriter of its desire to terminate or cancel coverage under this Rider, or immediately upon receipt by the Underwriter of a written request from the Insured to terminate or cancel coverage under this Rider. (b) The Underwriter shall refund to the Insured the unearned premium for this coverage under this Rider. The refund shall be computed at short rates if this Rider is terminated or cancelled or reduced by notice from, or at the instance of, the Insured. 11. Section 4-LOSS-NOTICE-PROOF-LEGALPROCEEDING of the Conditions and Limitations of this bond is amended by adding the following sentence: "Proof of Loss resulting from Voice Instructions or advices covered under this bond shall include Electronic Recordings of such Voice Instructions or advices." 12. Notwithstanding the foregoing, however, coverage afforded by this Rider is not designed to provide protection against loss covered under a separate Electronic and Computer Crime Policy by whatever title assigned or by whatever Underwriter written. Any loss which is covered under such separate Policy is excluded from coverage under this bond; and the Insured agrees to make claim for such loss under its separate Policy. Ag ENTATIVE © All rights reserved. END3 MNSCPT

ENDORSEMENT# 4 This endorsement, effective12:01 AM October 5, 2017 forms a part of 02-306-40-77 policy number BAIN CAP!TAL SPECIALTY FINANCE INC issued to National Union Fire Insurance Company of Pittsburgh, Pa. by UNAUTHORIZED SIGNATURES INSURING AGREEMENT K It is agreed that: 1. The attached bond is amended by adding an additional Insuring Agreement as follows: UNAUTHORIZED SIGNATURES 2. Loss resulting directly from the Insured having accepted, paid or cashed any check or withdrawal order, draft, made or drawn on a customer's account which bears the signature or endorsement of one other than a person whose name and signature is on the application on file with the Insured as a signatory on such account. 3. It shall be a condition precedent to the Insured's right to recovery under this rider that the Insured shall have on file signatures of all persons who are authorized signatories on such account. 4. The Limit of Liability for the coverage provided by this rider shall be Fifty Thousand Dollars, ($50,000). 5. The Underwriter shall not be liable under the Unauthorized Signatures Rider for any loss on account of any instrument unless the amount of such instrument shall be in excess of Five Thousand Dollars, ($5,000) (herein called Deductible Amount) and unless such loss on account of such instrument, after deducting all recoveries on account of such instrument made prior to the payment of such loss by the Underwriter, excess of such Deductible Amount and then for such excess only, but in no than the amount of the attached bond, or the amount of coverage Unauthorized Signatures Rider, if the amount of such coverage is less than of the attached bond. shall be in event more under the the amount 6. Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, limitations, conditions, or provisions of the attached bond other than above stated. Ag ENTATIVE © All rights reserved. END4 MNSCPT

ENDORSEMENT# 5 This endorsement, effective 12:01 AM October 5, 2017 forms a part of 02-306-40-77 policy number BAIN CAP!TAL SPECIALTY FINANCE INC issued to National Union Fire Insurance Company of Pittsburgh, Pa. by TELEFACSIMILE TRANSFER FRAUD It is agreed that: 1. The attached bond is amended by adding an Insuring Agreement L as follows: TELEFACSIMILE TRANSFER FRAUD Loss resulting directly from the Insured having, in good faith, transferred or delivered Funds, Certificated Securities or Uncertificated Securities through a Computer System covered under the terms of the Computer System Fraud Insuring Agreement in reliance upon a fraudulent instruction received through a Telefacsimile Device, and which instruction ( 1) purports and reasonably appears to have originated from (a) a Customer of the Insured, (b) another financial institution, or (c) another office of the Insured but, in fact, was not originated by the Customer or entity whose identification it bears and (2) contains a valid test code which proves to have been used by a person who was not authorized to make use of it and, (3) contains the name of a person authorized to initiate such transfer; and provided that, if the transfer was in excess of $25,000 the instruction was verified by a call-back according to a prearranged procedure. In this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on Telefacsimile Device instructions to initiate transfers and has provided the Insured with the names of persons authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism, and Funds means Money on deposit in an account. END5 MNSCPT

ENDORSEMENT# 5 (Continued) This endorsement, effective12:01 AM October 5, 2017 forms a part of 02-306-40-77 policy number BAIN CAPITAL SPECIALTY FINANCE INC issued to National Union Fire Insurance Company of Pittsburgh, Pa. by 2. In addition to the Conditions and Limitations in the bond and Computer Systems Fraud Insuring Agreement rider, the following provisions are applicable to the Telefacsimile Transfer Fraud Insuring Agreement: Telefacsimile Device means a machine capable of sending or receiving a duplicate image of a document by means of electronic impulses transmitted through a telephone line and which reproduces the duplicate image on paper. This Insuring Agreement does not cover loss resulting directly or indirectly from the assumption of liability by the Insured by contract unless the liability arises from a loss covered by the Telefacsimile Transfer Fraud Insuring Agreement and would be imposed on the Insured regardless of the existence of the contract. Proof of loss for claim under the Telefacsimile Transfer Fraud Insuring Agreement must include a copy of the document reproduced by the Telefacsimile Device. 3. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, limitations, above stated. conditions or agreements of the attached bond other than as A ENTATIVE © All rights reserved. END5 MNSCPT

ENDORSEMENT# 6 This endorsement, effective 12:01 AM October 5. 2017 forms a part of 02-306-40-77 policy number BAIN CAP!TAL SPECIALTY FINANCE INC issued to National Union Fire Insurance Company of Pittsburgh. Pa. by VOICE INIATED TRANSFER FRAUD It is agreed that: 1. The attached bond is amended by adding an Insuring Agreement as follows: / INSURING AGREEMENT (l) VOICE INITIATED TRANSFER FRAUD Loss resulting directly from the Insured having, in good faith, transferred Funds or other Property from a Customer's account through a Computer System covered under the terms of the Computer System Fraud Insuring Agreement in reliance upon a fraudulent voice instruction transmitted by telephone which was purported to be from: (1)an officer, director, partner or employee of a Customer of the Insured who was authorized by the Customer to instruct the Insured to make such transfer; (2)an individual person who is a Customer of the Insured; or (3)an Employee of the Insured in another office of the Insured who was authorized by the Insured to instruct other Employees of the Insured to transfer Funds, and was received by an Employee of the Insured specifically designated to receive and act upon such instructions, but the voice instruction was not from a person described in ( 1), (2), or (3) above, provided that (i) such voice instruction was electronically recorded by the Insured and required password(s) or code word(s) given; and (ii) if the transfer was in excess of $25,000, the voice instruction was verified by a call-back according to a prearranged procedure. In this Insuring Agreement: (A)Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on voice instructions to make transfers and which has provided the Insured with the names of persons authorized to initiate such transfers and with which the Insured has established an instruction verification mechanism; END6 MNSCPT

ENDORSEMENT# 6 (Continued) This en do rsem ent, effective 12:01 AM October 5, 2017 forms a part of 02-306-40-77 policy number BAIN CAPITAL SPECIALTY FINANCE INC issued to National Union Fire Insurance Company of Pittsburgh, Pa. by (B) Funds means Money on deposit in an account. 2. In addition to the Conditions and Limitations in the bond and Computer Systems Fraud Insuring Agreement rider, the following provisions are applicable to the Voice Initiated Transfer Fraud Insuring Agreement: This Insuring Agreement does not cover loss resulting directly or indirectly from the assumption of liability by the Insured by contract unless the liability arises from a loss covered by this Insuring Agreement and would be imposed on the Insured regardless of the existence of the contract. Proof of loss for claim under the Voice Initiated Transfer Insuring Agreement must include electronic recordings of such voice instructions and the verification call-back, if such call was required. 3. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, limitations, conditions above stated. or agreements of the attached bond other than as © All rights reserved. END6 MNSCPT

ENDORSEMENT# 7 This endorsement, effective12:01 AM October 5, 2017 forms a part of 02-306-40-77 policy number BAIN CAPITAL SPECIALTY FINANCE INC issued to National Union Fire Insurance Company of Pittsburgh, Pa. by AMEND INSURING AGREEMENT G - COUNTERFEIT CURRENCY It is agreed that: The attached bond is hereby amended by deleting Insuring Agreement G -Counterfeit Currency and by substituting in lieu, there of the following: "Loss through the receipt by the Insured, in good faith, or any counterfeit or paper currencies or coin of any country worldwide." altered © All rights reserved. END7 MNSCPT

ENDORSEMENT# 8 This endorsement, effective 12:01 AM October 5, 2017 forms a part of 02-306-40-77 policy number issued to BAIN CAPITAL SPECIALTY FINANCE INC National Union Fire Insurance Company of Pittsburgh, Pa. by RELIANCE UPON OTHER CARRIER'S APPLICATION In granting coverage under this policy, it is agreed that the Insurer has relied upon the statements, representations and warranties contained in the below referenced application (including materials submitted thereto and, if such application is a renewal application, all such previous policy applications, and their attachments and materials, for which this policy is a renewal or succeeds in time) as being accurate and complete. It is further understood and agreed that the Organization and the Insureds warrant and represent to the Insurer that the statements and representations made in such applications were accurate on the date such representations, statements and warranties were so given and that in connection therewith the Insureds hereby reaffirm made in the application(s) to CHUBB GROUP OF INSURANCE as 2017 as if it was made to the Insurer on such date. All such each and every statement accurate as of October 5, statements, representations and warranties shall be deemed to be material to the risk assumed by the Insurer, are the basis of this policy and are to be considered as incorporated into this policy. DATE SIGNED TYPE OF POLICY APPLICATION CARRIER INVESTMENT COMPANY ASSET PROTECTION BOND AIG 09/20/2017 ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED. AUTHORIZED REPRESENTATIVE @All rights reserved. END 008 Page 1 of 1

ENDORSEMENT# 9 This endorsement, effective at 12:01 AM October 5, 2017 forms a part of Policy number 02-306-40-77 Issued to: BAIN CAP!TAL SPECIALTY FINANCE INC By: National Union Fire Insurance Company of Pittsburgh, Pa. Product Name: Manually Issued Policy ECONOMIC SANCTIONS ENDORSEMENT This endorsement modifies insurance provided under the following: Coverage shall only be provided and payment of loss under this policy shall only be made in full compliance with enforceable United Nations economic and trade sanctions and the trade and economic sanction laws or regulations of the European Union and the United States of America, including, but not limited to, sanctions, laws and regulations administered and enforced Control ("OFAC"). by the U.S. Treasury Department's Office of Foreign Assets ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED. AUTHORIZED REPRESENTATIVE C> All rights reserved. END 009 Page 1 of 1 119679 (9/ 15)

ENDORSEMENT# 10 This endorsement, effective 12:01 AM October 5, 2017 forms a part of policy number02-306-40-77 issued to BAIN CAP!TAL SPECIALTY FINANCE INC National Union Fire Insurance Company of Pittsburgh, Pa. by NOTICE OF CLAIM (REPORTING BY E-MAIL) In consideration of the premium charged, it is hereby understood and agreed as follows: 1. Email Reporting of Claims: In addition to the postal address set forth for any Notice of Claim Reporting under this policy, such notice may also be given in writing pursuant to the policy's other terms and conditions to the Insurer by email at the following email address: [email protected] Your email must reference the policy number for this policy. The date of the Insurer's receipt of the emailed notice shall constitute the date of notice. In addition to Notice of Claim Reporting via email, notice may also be given to the Insurer by mailing such notice to: AIG, Financial Lines Claims, P.O. Box 25947, Shawnee Mission, KS 66225 or faxing such notice to (866) 227-1750. Definitions: For this endorsement only, the following definitions shall apply: 2. (a) "Insurer" means the "Insurer," "Underwriter" or "Company" or other name specifically ascribed in this policy as the insurance company or underwriter for this policy. "Notice of Claim Reporting" means "notice of claim/circumstance," "notice of loss" or other reference in the policy designated for reporting of claims, loss (b) or occurrences or situations that policy. "Policy" means the policy, bond endorsement is attached. endorsement does not apply to may give rise or result in loss under this (c) or other insurance product to which this 3. This any Kidnap & Ransom/Extortion Coverage Section, if any, provided by this policy. ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED. AUTHORIZED REPRESENTATIVE 0 All rights reserved. END 010 Page 1 of 1 99758 (8/08)

ENDORSEMENT# 11 This endorsement, effective 12:01 AM October 5, 2017 forms a part of policy number02-306-40-77 issued to BAIN CAP!TAL SPECIALTY FINANCE INC National Union Fire Insurance Company of Pittsburgh, Pa. FORMS INDEX ENDORSEMENT by The contents of the Policy is comprised of the following forms: EDITION DATE 04/95 09/84 FORM NUMBER 41205 41206 MNSCPT MNSCPT MNSCPT MNSCPT MNSCPT MNSCPT MNSCPT SYSLIB 119679 99758 78859 FORM TITLE INVESTMENT COMPANY BLANKET BOND - DECLARATIONS Investment Company Blanket Bond guts AUDIT EXPENSE RIDER STOP PAYMENT LIABILITY RIDER COMPUTER SYSTEMS FRAUD UNAUTHORIZED SIGNATURES TELEFACSIMILE TRANSFER FRAUD VOICE INIATED TRANSFER FRAUD AMEND INSURING AGREEMENT G - COUNTERFEIT CURRENCY RELIANCE UPON OTHER CARRIES APPLICATION ECONOMIC SANCTIONS ENDORSEMENT NOTICE OF CLAIM (REPORTING BY E-MAIL) FORMS INDEX ENDORSEMENT 09/15 08/08 10/01 ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED. AUTHORIZED REPRESENTATIVE f> All rights reserved. END 011 Page 1 of 1 78859 (10/01)

CLAIM REPORTING FORM Issuing Company: National Union Fire Insurance Company of Pittsburgh, Pa. 02-306-40-77 Reported under Policy/Bond Number: Date: _ Type of Coverage: D&O --E&O --Fidelity--(complete the Fidelity Supplemental on the next page) Insured's Name, as given on Policy Declarations (Face Page): BAIN CAP!TAL SPECIALTY FINANCE INC Contact Person: -------------------------------------------------Title: -----------------------------------------------------------Phone:_( Ext----------------------------eMail: ----------------------------@ _ Case or Claimant Name: If the party involved is different from "Insured" Name (as given on Policy Declarations) state relationship: Insurance Broker/ Agent: WILLIS OF NEW YORK. INC Address: 200 LIBERTY STREET, 7TH FL Address: NEW YORK, NY 10281-1003 Contact: THOMAS HERINGER Phone:-------------------eMail: Thomas .Meri nger@Wi 7 7 i sTowersWatson.com Send Notice of Claims to: AIG Financial 'unes Claims P.O. Box 25947 Shawnee Mission, KS 66225 Phone: Fax: Email: (888) 602-5246 (866) 227-1750 [email protected]

CLAIM REPORTING FORM FIDELITY SUPPLEMENTAL (Only complete this supplemental if the Claim is being reported under Fidelity Coverage} Issuing Company: Nationa 7 Union Fire Insurance Company of Pittsburgh, Pa. 02-306-40-77 Reported under Policy/Bond Number: Date of Discovery: Estimated Amount of loss: ----------Cause of Loss: Employee Dishonesty Computer Fraud Funds Transfer Robbery/Burglary ID Theft Forgery Client Property In Transit ERISA Credit Card Forgery Other if Other, describe: Phone: Fax: Email: (888) 602-5246 (866) 227-1750 [email protected] Send Notice Of Claims To: AIG Financial Lines Claims P.O. Box 25947 Shawnee Mission, KS 66225 centralized Customer Link and Information Management